4 things you didn’t know your renters insurance covers

Protecting yourself and your property, whether you’re renting a small studio or a four-bedroom house, is extremely important in case of an emergency. If an accident happens, renters insurance can protect you, your belongings, and even your guests from hefty damages or medical expenses.

Renters insurance may just seem like an extra cost on top of rent and utilities, but in reality, renters insurance can be affordable and actually a valuable financial protection in the long run. Many people often think that their landlord’s insurance has them and their things within the home covered, but the landlord’s insurance most likely only covers the building structure—nothing more.

It is commonly understood that renters insurance policies cover personal property, or the items the renter owns that are within a home, so if an incident occurs in the home, like fire or burglary, your belongings will be covered. A little known fact is that whether your personal property is in your home or with you anywhere else in the world—for instance, if something is stolen from your car or while on a trip to another country—renters insurance protects these belongings no matter where they’re stolen.

Here are four more surprising things that renters insurance can cover:

Personal Liability: If someone sues you because they were accidentally injured while on your property, your legal costs can be taken care of with liability coverage within your renters insurance policy. These personal liability limits do vary, so be sure to check limits when you get a renters insurance quote.

Medical Payments: If a visitor at your home gets hurt and needs medical attention, a renters policy can help cover medical costs up to a certain limit. (However, keep in mind, this doesn’t typically cover injuries to you or other people who live within the household.)

Property Damage to Others: If you accidentally damage or break someone else’s property, even if you aren’t at your home, your policy can actually help pay to fix or replace it. Renters insurance follows you wherever you go and can cover both your property and others’.

Additional Living Expenses: If a covered incident occurs, such as a house fire, and you can’t stay at your home for a period of time, your renters policy can help pay for lodging, as well as other things. “Loss-of-use” coverage is relocation or additional living expenses due to a covered incident, and it could help cover your living costs up to a certain limit.

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